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MI SB0707

Bill

Official Source

Status

Passed

9/25/2009

Primary Sponsor

Randy Richardville

Click for details

Origin

Senate

95th Legislature

AI Summary

  • Exempts advance tuition payment contracts from both the 1964 Uniform Securities Act (1964 PA 265, MCL 451.501 to 451.818) and the 2002 Uniform Securities Act (2008 PA 551, MCL 451.2101 to 451.2703)

  • Prohibits purchasers or qualified beneficiaries from selling or transferring advance tuition payment contracts without prior approval from the Michigan Education Trust

  • Effective immediately upon Governor's approval on September 24, 2009

Legislative Description

Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in Michigan education trust act. Amends sec. 19 of 1986 PA 316 (MCL 390.1439).

Higher education, tuition

Last Action

Assigned Pa 0096'09 With Immediate Effect

9/25/2009

Committee Referrals

Commerce8/19/2009
Banking & Financial Institutions7/15/2009

Full Bill Text

No bill text available